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FILE- In this Dec. 3, 2018, file photo trader Michael Milano, right, works on the floor of the New York Stock Exchange. The U.S. stock market opens at 9:30 a.m. EST on Friday, Dec. 7. (AP Photo/Richard Drew, File)

Technology companies lead slide in US stocks; Oil rising

December 07, 2018 - 10:30 am

The Associated Press

U.S. stocks fell in morning trading Friday, adding to modest losses from a day earlier. Losses in technology and health care stocks outweighed gains elsewhere in the market. Energy companies led the gainers as crude oil prices rose on news that OPEC members will elect to cut production. The government said job growth in November fell short of economists' expectations.

The benchmark S&P 500 index is on track to end the week with its third loss in four weeks.

ENERGY: Oil prices rose as traders watched developments out of Vienna, where OPEC countries were meeting for a second day. Iraq's representative there said the cartel agreed to a proposal that will see global oil production reduced by 1.2 million barrels a day.

U.S. benchmark crude jumped 4.2 percent to $53.69 a barrel in New York. Brent crude, used to price international oils, gained 4.5 percent to $62.79 a barrel in London.

JOBS REPORT: The Labor Department said U.S. employers added 155,000 jobs in November, a slowdown from recent months but enough to suggest that the economy is expanding at a solid pace despite sharp gyrations in the stock market. The unemployment rate remained at 3.7 percent, nearly a five-decade low, for the third straight month. Average hourly pay rose 3.1% from a year ago, matching the previous month's figure, which was the best since 2009. The jobs figure was less than many economists forecast, but few saw the report as a sign of a broader slowdown.